Online home stay and home renting aggregator Stayzilla, have decided to shut down its operations as the market is filled with tougher competitions and tighter business environments.
The startup flagged off in the year 2005, it was founded by Sachin Singhi, Yogendra Vasupal and Rupal Yogendra. Stayzilla is an online platform that enables individuals to research and reserve value hotels/homes across India. The startup rose the total funding of $34 Million from investors like Matrix Partners,
Nexus Venture Partners and clutch of angel investors. Stayzilla has operated 8000 homestays in over 900 towns.
Yogendra Vasupula reported shutting down the operations on blog spot. He said: “I would like to announce today that we will be bringing to a halt the operations of Stayzilla in its current form, and looking to reboot it with different business model. New bookings on all Stayzilla platforms on website and application are now been suspended. Bookings with check-in dates on or before 28th February 2017 will be honored. Any booking with check-in after that date will be canceled and the guests will receive 100 percent refund.”
Addressing the shutdown, local networks are not in support of online travel marketplace. Due to which, focusing on the city to city exploration is becoming very difficult. The startup will now be focusing all their energies on the supply side which will allow strengthening their core that they have developed in past 18 months.
2017 has been very difficult for Indian startups and other online based firms. E-commerce giant, Snapdeal and Flipkart are finding it difficult to raise fresh funds. Online payment gateway FreeCharge is on sale. Hopefully, after Donald Trump immigration ban Indian Startup will get back to work and achieve immense success in the market. Read more startup news.